Al-Baydani explains the reasons for the decline in the exchange rate of the dollar and the convergence of the value between the official and the parallel
Al-Baydani explains the reasons for the decline in the exchange rate of the dollar and the convergence of the value between the official and the parallel
4-28-2023
Information / Baghdad..
Economic affairs specialist Hisham Al-Baydani explained, on Friday, the reasons for the decline in the exchange rate of the dollar in the parallel market, pointing out that there is a convergence in value between the official offering of the state and the parallel market.
Al-Baydani told Al-Maalouma, that “reducing the gap between the parallel and official price in the local markets will continue until it reaches a negligible difference in the coming period, for many reasons, including the ease of real merchants obtaining dollars through official outlets, after many of them avoided dealing directly.” For concerns related to tax and other reasons, in addition to the platform accepting nearly eighty percent of requests for those wishing to obtain hard currency.
He added, “Despite what the dinar situation has gone through in the past period, Iraq has begun to gain something from regulating its foreign trade after it remained in the past years without clear data or controls regulating the work of its trade, which led to a large withdrawal of the dollar through bills, most of which are forged with the aim of smuggling.” Or even money laundering, especially since many regional countries do not have hard currency liquidity easily, as is the case in Iraq.
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